What is Virtual POS? How to Get it
In today’s world, as technology advances rapidly, payment transactions are also becoming increasingly digital and easier. In this context, virtual POS systems have played an important role. Virtual POS is a secure system that allows businesses to accept credit and debit card payments online. Developed as an alternative to traditional physical POS devices, this system is widely preferred in online stores, e-commerce platforms, and other online payment areas.
What is Virtual POS?
Virtual POS, as the name suggests, is a payment system that can work with only an internet connection without requiring a physical device. Thanks to this system, businesses can easily accept payments made by their customers with credit cards or debit cards. Customer information is protected from any security threat at a high level by using secure protocols during the payment process.
How does Virtual POS work?
The virtual POS system works in a very sophisticated way. When a customer buys a product or service, they are redirected to the payment page. On this page, the customer enters their credit card or debit card information. This information is encrypted using the SSL (Secure Sockets Layer) protocol and securely transmitted to the bank or payment provider. The bank or payment provider checks the customer’s account balance and gives approval for whether the payment is valid. If the payment is valid, the payment is transferred to the business’s account and the customer is sent confirmation that the payment has been made.
Benefits of Virtual POS
The virtual POS system has a number of advantages:
- 24/7 Payment Collection: Businesses can collect payments from their customers at any time of the day thanks to the virtual POS system. It offers the opportunity to collect payments continuously online without being connected to a physical device.
- No need for a physical device: Unlike traditional POS devices, the virtual POS system does not require a physical device. You can only process transactions with an internet connection.
- Various payment options: With virtual POS, you can offer different payment options such as credit card and debit card to your customers.
- High security: It provides high security as customer information is protected by secure protocols.
- Quick payment collection: Payments are usually transferred to the business’s account within 1-3 business days, thus accelerating cash flow.
- Easy reporting: Virtual POS systems usually offer businesses detailed reporting capabilities. You can easily track and analyze sales data.
How to Get Virtual POS?
To have a virtual POS system, you need to contact a bank. Banks can offer different tariffs and can provide a solution that meets the needs of your business. Generally, there are some criteria, such as the business owner having a bank account and being a taxpayer.
The virtual POS system offers a secure, fast, and user-friendly payment solution for online businesses. By eliminating the costs and limitations required by physical POS devices, it opens up a wider payment area for businesses. Customer data is also protected by security measures, increasing the satisfaction of both businesses and customers. For this reason, the use of the virtual POS system is a missed opportunity for online business owners.
Organizations Providing Virtual POS Services
Frequently Asked Questions about Virtual POS
How is Virtual POS payment made?
After the customer enters their card information on the payment screen and approves the contract terms, they give permission to pay. In payments made with the 3D Secure system, an approval code is sent to the customer and the customer gives the necessary payment approval with this code. Thus, the balance deducted from the customer account reaches the recipient account.
How much is the Virtual POS fee?
Banks’ Virtual POS Commission Rates When we look at the fees of banks’ Virtual POS, you can encounter commission rates starting from 2% for single payment and increasing according to installment options. The annual subscription fee varies between 600 TL and 20,000 TL. It is useful to negotiate with a few different places and agree with the place that offers you the best commission rates according to your transaction volume.
When will my Virtual POS collection be transferred to my account?
For example, in iyzico, the process is as follows: “All payments you receive through iyzico between Monday-Sunday are settled at 23:59 on Sunday. After the settlement date and the following 2-day block, all your payments are transferred to your bank account on the first Wednesday.” You can even have a chance to transfer to your account the next day according to your transaction volume with banks. Strong bargaining will be good for you.